Dogecoin, XRP ETF Filings Delayed By SEC But Influential Analyst Says 'Relatively High' Odds Of Approval

The Securities and Exchange Commission delayed the approval of several cryptocurrency spot exchange-traded funds Tuesday, including Litecoin (CRYPTO: LTC), Solana (CRYPTO: SOL), XRP (CRYPTO: XRP), and Dogecoin (CRYPTO: DOGE).

What Happened: The regulator postponed decisions on Canary Solana Trust ETF, VanEck Solana Trust ETF, 21Shares Core Solana ETF, Canary XRP Trust ETF, and Bitwise XRP ETF, along with Grayscale Investments’ applications for XRP, DOGE, ADA, and LTC.

Leading Bloomberg analyst James Seyffart said the delay in approval was not surprising. “It’s expected as this is standard procedure, & [Paul] Atkins hasn’t even been confirmed yet.”

However, he stressed that the delay does not affect the “relatively high” odds of approval for these ETFs, whose final deadlines are not until October.

In addition, the SEC delayed decisions on applications related to in-kind creation and redemption for iShares Bitcoin Trust ETF (NASDAQ:IBIT) and Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).

Why It Matters: A flurry of spot exchange-traded funds have been filed since President Donald Trump took office in January, hoping to benefit from what they perceive as a cryptocurrency-friendly regime.

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The SEC previously acknowledged the 19b-4 filings, a mandatory step to list any ETF on Wall Street. Following the Form 19b-4 application, the agency usually has 45 days (which can be extended to another 45 days) to decide on the proposed rule change. The SEC can further extend the timeline with additional review periods of 45 and 60 days.

Leading Bloomberg analyst James Seyffart said the delay in approval was not surprising. “It’s expected as this is standard procedure, & [Paul] Atkins hasn’t even been confirmed yet.”

However, he stressed that the delay does not affect the “relatively high” odds of approval for these ETFs, whose final deadlines are not until October.

Trump signed a historic executive order creating a Strategic Bitcoin (CRYPTO: BTC) Reserve and a U.S. Digital Asset Stockpile last week. In line with this, legislation was tabled in the House of Representatives on Tuesday, proposing the acquisition of one million BTC over five years.

Photo via Shutterstock.

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